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Basic elements of Auditor’s report.

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

Basic elements of Auditor’s report.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Title- The auditor's report should have an appropriate title. Addressee - It should contain the proper title of addressee (generally the report is addressed to the authority appointing the Auditor) The Introductory paragraph - This paragraph should contain the identification of financial statement audited and a statement of responsibility of the entity's management and the responsibility of the auditor. Scope paragraph - This paragraph should include reference to the auditing standards generally accepted in India and the description of the work performed by the auditor.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear Friend, As per the Standards on Auditing - 700, the basic elements of Auditor's report are as follows - **Title-** The auditor's report should have an appropriate title. **Addressee -** It should contain the proper title of addressee (generally the report is addressed to the authority appointing the Auditor) **The Introductory paragraph -** This paragraph should contain the identification of financial statement audited and a statement of responsibility of the entity's management and the responsibility of the auditor. **Scope paragraph -** This paragraph should include reference to the auditing standards generally accepted in India and the description of the work performed by the auditor. **Opinion paragraph -** This paragraph should include a reference to the financial reporting framework used to prepare the financial statement and his expression of opinion on the financial statement. **Date of the report -** The date on which the report is finalized. **Place of signature-** It is generally the name of city where the audit report in signed. **Auditor's signature-** The report should be signed in the auditor's personal name (as well as firm's name if auditing is done by firm) along with the membership number assigned by the Institute of Chartered Accountants of India.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

As per the Standards on Auditing - 700, the basic elements of Auditor's report are as follows - **Title**- The auditor's report should have an appropriate title. **Addressee** - It should contain the proper title of addressee (generally the report is addressed to the authority appointing the Auditor) **The Introductory paragraph** - This paragraph should contain the identification of financial statement audited and a statement of responsibility of the entity's management and the responsibility of the auditor. **Scope paragraph** - This paragraph should include reference to the auditing standards generally accepted in India and the description of the work performed by the auditor. **Opinion paragraph** - This paragraph should include a reference to the financial reporting framework used to prepare the financial statement and his expression of opinion on the financial statement. **Date of the report** - The date on which the report is finalized. **Place of signature**- It is generally the name of city where the audit report in signed. **Auditor's signature**- The report should be signed in the auditor's personal name (as well as firm's name if auditing is done by firm) along with the membership number assigned by the Institute of Chartered Accountants of India.

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